State Bank of India cuts MCLR by 5 bps, home loans cheaper by 10 bps

State Bank of India (SBI) on Wednesday reduced its MCLR by 5 bps across all tenors and slashed interest rate on home loans up to Rs 30 lakh by 10 basis points.

One-year MCLR will be 8.50% per annum (pa). The interest rates on all loans linked to MCLR stand reduced by 5 bps from April 10, 2019, India’s largest lender said in statement.

Now the applicable interest rate for such housing loans below Rs.30 lacs will range from 8.60% p.a. to 8.90% p.a. Prior to the rate cut decision range for rate was 8.70% p.a. to 9.00% pa.

SBI